US soybean futures closed lower on Thursday on good crop weather in the US Midwest, traders said. Pressure also stemmed from increased export competition from Argentina following last week's decision by the government to scrap a hike on taxes for soy exports.
CBOT soy closed 9-1/4 to 13 cents per bushel lower, with August down 9-1/4 at $13.85 per bushel. Funds sold 3,000 lots. Favourable weather continues in the US Midwest for pollinating corn and developing soy, with no signs of extreme heat or persistent rains. USDA said export sales of US soy last week totalled 735,500 tonnes (old/new crop), above estimates for 250,000 to 450,000 tonnes.
Census pegs June US soy crush 140.91 mln bu, slightly above average trade estimate for 140.25 mln. August contract below 100-day moving average of $14.06 per bushel, a key resistance area, and above key support at 200-day MA of $12.97. Nine-day RSI at 27. CBOT soymeal closed $1.30 to $2.70 per ton lower, with August down $2.30 at $373.80 per ton.
USDA said export sales of US soymeal last week totalled 168,400 tonnes (old/new crop), within estimates for 100,000 to 175,000 tonnes. Census pegs June soymeal stocks 424,305 tons, above average trade estimate for 355,000 tons. CBOT soyoil closed 0.35 to 0.45 cent per lb higher, with August up 0.38 at 58.93 cents per lb.
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